Crypto

Crypto Market Analysis

Crypto Market Analysis | 24 May 2024

Crypto Market Analysis

Yesterday, the US SEC approved eight Ethereum ETFs, leading to heightened price volatility in the crypto market. In the hour leading up to the approval, Ethereum (ETH) first dropped to $3,500 around the US market closing time. As unconfirmed reports of the approval began to surface, ETH touched nearly $3,900 before settling above $3,800 after the official confirmation.

However, these ETFs are not yet cleared for trading. The issuers of spot ETH ETFs include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares, and Invesco/Galaxy.

In other news, the US House of Representatives voted to prevent the Federal Reserve from issuing a central bank digital currency (CBDC). The CBDC Anti-Surveillance State Act aims to block the US central bank from advancing efforts toward developing a digital dollar.

Interestingly, the total crypto market volume over the last 24 hours is $142.17 billion, marking a 45.09% increase from the previous day.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered investment/financial advice from CoinSwitch. Any action taken upon the information shall be at the user’s risk.

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